Thu, 29 Jan 2026

Thu, 29 Jan 2026 Tesla cuts car models in shift to robots and AI

Multi-billionaire Elon Musk's electric car maker also said its annual revenue had fallen for the first time.

* Tesla's annual revenue has fallen for the first time, with a 3% decline in total revenues and a 61% fall in profits.
* The company is shifting its focus to artificial intelligence (AI) and robotics, with plans to end production of its Model S and Model X vehicles.
* The California manufacturing plant where these cars were made will now produce Tesla's line of humanoid robots, known as Optimus.
* Tesla has invested $2bn in Musk's AI venture, xAI, despite a recent vote by shareholders where abstentions and votes against the idea outnumbered those who approved.
* The company is set to significantly ramp up spending by an estimated $20bn next year, which could help raise its market value and trigger a record-breaking pay package for Musk worth nearly $1tn.
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